Some people feel that insurance is overrated, but there are several types of insurance that can keep you from financial disaster in the event of a catastrophe. The last thing you want to be thinking about during a major life crisis is whether you’ll be able to pay your rent or mortgage, so plan wisely and consider these three types of insurance.
1. Disability Insurance
Young and healthy people often believe that disability insurance is a waste of money each month, but anything can happen. Being prepared to support your family in the event that you or your spouse become incapacitated is a wise decision. Having this income during a time of high stress will keep one less worry off of your plate.
2. Car Insurance
Driving without auto insurance Maitland FL is illegal in most states, but some still feel their money is not well spent on paying the premium each month. Car accidents can happen anytime, and having adequate insurance coverage will allow you to rest easy if you are involved in a serious car wreck.
3. Life Insurance
Most older folks have life insurance policies, but many young people don’t see the point. This is a mistake because families are often left struggling to cover funeral costs in the event of an untimely death. Additionally, young people with families should have at least nominal life insurance policies to cover funeral expenses and help get the family through a few tough months.
When your expenses are already sky-high, it may seem foolish to spend your hard-earned money to pay for multiple types of insurance. However, ensuring that you and your family will make it through tough times is never a waste of money. Consider purchasing disability, car and life insurance policies and sleep well knowing you’ve protected your family to the best of your ability.